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TMI Blog2020 (10) TMI 217X X X X Extracts X X X X X X X X Extracts X X X X ..... tion is filed by the Corporate Applicant for initiating CIRP under Section 10 of Insolvency and Bankruptcy Code, 2016 read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rule, 2016. The Corporate Applicant is Benara Automotives Pvt. Ltd., whose Identification number is U50300UP1992PTC013928, and Shri Rajesh Benara and Shri Pratham Benara, being the Promoters and Directors has filed this application on behalf of the Corporate Applicant on the basis of board resolution dated 28.11.2018. 2. Corporate Applicant has also proposed the name of Mr. Arun Chadha to act as Interim Resolution Professional (IRP); Registration No. IBBI/IPA-001/IP-P00165/2017-18/10334 and a copy of Form-2 under Rule 9(1) of the Ins ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... proceeded Ex-Parte vide order dated 15.11.2019. 6. As per the provision of Section 10 of Insolvency and Bankruptcy Code: (1) Where a corporate debtor has committed a default, a corporate applicant thereof may file an application for initiating corporate insolvency resolution process with the Adjudicating Authority. (2) The application under subsection (1) shall be filed in such form, containing such particulars and in such manner and accompanied with such fee as may be prescribed. (3) The corporate applicant shall, along with the application furnish the information relating to-- (a) its books of account and such other documents relating to such period as may be specified; and (b) the resolution professional propo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot yet become due in the sense that it is payable at some future date. It is only when this is proved to the satisfaction of the adjudicating authority may reject an application and not, otherwise. 8. Further, the Hon'ble NCLAT followed the decision of Hon'ble Supreme Court in Innoventive Industries Ltd. and its decision in the matter of M/s. Unigreen Global Private Limited vs. Punjab National Bank and others - Company Appeal (AT) (Insolvency) 81/2017 in the matter of Company Appeal (AT) (Insolvency) 100/2017 Leo Duct Engineers Consultants Limited vs. Canara Bank Standard Chartered Bank and held as under: 20. Under both Section 7 and Section 10, the two factors are common i.e. the debt is due and there is a default ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... information as required to be submitted in Form 6 of the Insolvency and Bankruptcy (Application to the Adjudicating Authority) Rules, 2016 subject to ineligibility prescribed under Section 11. If all information is provided by an applicant as required under Section 10 and Form 6 and if the Corporate Applicant is otherwise not ineligible under Section 11, the Adjudicating Authority is bound to admit the application and cannot reject the application on any other ground. 23. Any fact unrelated or beyond the requirement under I B Code or Forms prescribed under Adjudicating Authority Rules (Form 6 in the present case) are not required to be stated or pleaded. Non-disclosure of any fact, unrelated to Section 10 and Form 6 cannot be termed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t termed to be suppression of facts nor can be a ground to reject the application. In fact, once the application under Section 10 is admitted, all such related proceedings, including suits for recovery of moveable or immovable property of the Corporate Debtor and other proceeding cannot proceed further in any Court or Tribunal or Authority in view of order of 'moratorium ' as may be declared under Section 13 and prohibition that may be imposed under Section 14 of I B Code, 25. Similarly, if any action has been taken by a 'Financial Creditor' under Section 13(4) of the SARFAESI Act, 2002 against the Corporate Debtor or a Comp. App. (AT) (Insolvency) No. 81/2017 24 suit is pending against Corporate Debtor under Section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ity transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; any action to foreclose, recover or enforce any security interest created by the Corporate Debtor in respect of its property including any action under the SARFAESI Act, 2002; the recovery of any property by an owner or less or where such property is occupied by or in possession of the Corporate Debtor. III. That the supply of essential goods or services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during the Moratorium period. IV. That the provisions of Section 14 Sub-section (1) shall not apply to such transactions as may be notified by t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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